Who Can Buy Life Insurance On Someone Else?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaNo one can get life insurance on you nor can you purchase life insurance on someone else without your knowledge or signature on the life application. You also have to prove "insurable interest" between the two parties: policy insured and the policy beneficiaries. In addition, you would also need to determine the amount of coverage though financial documentation.Answered on August 18, 2013flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNFirst in order to purchase life insurance on anyone there has to be an insurable interest. There must be either a family member, business partner, key employee or loved one. Next no one can purchase life insurance without the insured knowledge and permission. The insured has to be underwritten and examined in order to qualify for the policy. Last the face amount has to be within guidelines of the insured financial statements.Answered on June 3, 2014flag this answer
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